6月16日，嘉士伯中国与中国餐饮百强企业廣順興正式签署战略合作协议，建立面向全国市场的深度合作关系。双方将围绕产品协同、场景共建、营销联动 等多维度展开合作，进一步拓展嘉士伯中国旗下品牌在优质粤菜渠道的渗透力，打造更具品质感和场景化的餐饮消费体验。 根据协议，嘉士伯中国将成为廣順興全国门店的核心啤酒供应商，合作涵盖公司旗下嘉士伯、乐堡、1664、乌苏、京A等多元品牌组合。双方将以明星IP联 动、套餐定制、季节限定菜单、场景共创、联名营销为抓手，联手打造涵盖正餐、宵夜、社交聚会等多个餐饮场景的用酒体验，例如，打造嘉士伯亲朋共聚 场景，将1664的法式优雅与精致粤菜融合，用乌苏激发夜宵烟火气氛，以京A风味精酿点亮好友小酌，满足不同客群的社交消费需求。 "此次合作是双方资源互补、互利共赢的重要举措。"嘉士伯中国销售负责人陈波表示，"通过嘉士伯的产品优势与廣順興的渠道影响力，我们将为消费者创 造更多美好时刻，进一步推动啤酒文化与美食文化的深度融合。" 在谈及合作的未来规划时，嘉士伯中国国际品牌业务单元总经理李伟波表示："双方战略合作，将从消费者体验、品牌影响、产品创新维度持续深化，我们 将投入最优质的资源，配备最专业 ...

Core Insights - The overall consumer market in Chongqing is under pressure in 2024, yet listed companies in the consumer sector have shown resilience through product innovation, channel transformation, and brand upgrades, achieving stable performance [1] - The five listed companies in Chongqing, including Youyou Foods, Chongqing Department Store, Chongqing Beer, Fuling Zhacai, and Baiya Co., collectively generated revenue of 38.607 billion yuan and net profit of 3.674 billion yuan in 2024, maintaining performance levels compared to the previous year [1] - Looking ahead to 2025, these companies are expected to continue leading in high-quality development through a "product + channel + brand" strategy as consumer scenarios recover and industry upgrades progress [1] Company Performance - Chongqing Department Store, a leading retail company, reported a revenue of 17.139 billion yuan in 2024, a decrease of 9.75%, while net profit increased by 0.46% to 1.315 billion yuan [2] - Youyou Foods achieved a revenue of 1.182 billion yuan and a net profit of 157 million yuan in 2024, marking increases of 22.37% and 35.44% respectively, driven by channel structure changes [3] - Baiya Co. reported a revenue of 3.254 billion yuan and a net profit of 288 million yuan in 2024, with growth rates of 51.77% and 20.74% respectively, supported by the high-end product strategy [4] Market Trends - The Chongqing consumer sector is characterized by accelerated product innovation, deepened channel transformation, and normalized ESG practices among companies like Chongqing Beer and Baiya Co. [6] - The beer industry in China has entered a "stock market" phase, with a 30% decline in total production since its peak in 2013, yet Chongqing Beer has maintained stable sales and profitability through product and marketing innovations [6][7] - Chongqing Beer reported a revenue of 14.645 billion yuan in 2024, a slight decrease of 1.15%, while its net profit decreased by 7.03% to 1.222 billion yuan [6][7] Innovation and Strategy - Companies are focusing on product innovation and channel expansion as core drivers, with Youyou Foods launching six new products and enhancing its product matrix to meet market demands [9] - Baiya Co. is optimizing its marketing system and expanding its e-commerce channels, achieving a 103.8% increase in online revenue in 2024 [4] - Chongqing Beer is accelerating product innovation, launching multiple new products and packaging to cater to diverse consumer needs, while also expanding into the beverage market [8]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company reported a revenue of 4.355 billion yuan in Q1 2025, a year-on-year increase of 1.46%, and a net profit of 473 million yuan, up 4.59% year-on-year [1]. - The sales volume in Q1 2025 was 883,500 tons, reflecting a 1.93% increase year-on-year, with a slight decrease in beer business price per ton by 0.3% to 4,804 yuan [2]. - The company is focusing on high-end products, with revenue from high-end products (above 8 yuan) reaching 2.603 billion yuan, a year-on-year increase of 1.21% [2]. - The net profit margin improved by 0.7 percentage points to 21.6% in Q1 2025, driven by a decrease in cost per ton by 1.5% [3]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated to grow at 1%, 2%, and 3%, respectively, with corresponding revenues of 14.86 billion, 15.21 billion, and 15.61 billion yuan [3]. - The net profit for the same period is expected to grow by 15%, 5%, and 5%, with net profits of 1.282 billion, 1.352 billion, and 1.421 billion yuan [3]. - The company maintains a stable financial position with a projected PE ratio of 22X, 20X, and 19X for the years 2025, 2026, and 2027, respectively [3]. Market and Product Insights - The company is increasing its investment in non-current drink products, which is showing gradual results, while waiting for the recovery of current drink scenarios [3]. - The revenue from different regions showed balanced growth, with the Northwest region generating 1.178 billion yuan, the Central region 1.835 billion yuan, and the Southern region 1.231 billion yuan in Q1 2025 [2].

Core Viewpoint - Chongqing Brewery has shown a steady start in Q1 2025 with beer sales of 883,500 kiloliters and revenue of 4.355 billion yuan, despite facing growth pressures in 2024 [1][2] Product Structure Optimization - In Q1 2025, Chongqing Brewery achieved a beer sales increase of 1.93% year-on-year, with revenue growth of 1.46%, and a net profit increase of 4.59% [2] - The company faced overall pressure in 2024, with both revenue and net profit declining, but has shown resilience in Q1 2025, enhancing management confidence [2] - The company has accelerated the launch of new products, introducing over 10 new items across 6 brands in Q1 2025, marking the highest number of new products for the same period [2][3] Channel Dynamics - The sales of high-end beer (priced above 8 yuan) saw a decline in revenue by 2.97% in 2024, primarily due to weak recovery in on-premise consumption [4] - Chongqing Brewery is focusing on expanding non-on-premise channels and increasing the proportion of canned products, which rose to 26% in 2024, up 3.5 percentage points from 2023 [4] - The company aims to increase the canned product sales ratio to 40% to better match market potential, leveraging both cost and sales advantages [4] Beverage Market Expansion - Chongqing Brewery is entering the beverage market, launching new products like orange-flavored soda in 2025, following the introduction of Dali Cang'e soda in 2024 [5][6] - The company is focusing on strong market areas for beverage product promotion, despite the current small revenue contribution from beverages [6] Dual-track Strategy for Domestic and International Brands - As a subsidiary of Carlsberg Group, Chongqing Brewery is optimizing its product mix under the "Jiasu Yangfan" strategy, focusing on strong market profitability and expanding coverage in growth markets [7] - In 2024, domestic brands generated revenue of 8.862 billion yuan, down 3.3%, while international brands saw a slight increase of 0.58% to 5.308 billion yuan [7] - The company maintains healthy inventory levels as of the start of 2025, with expectations for further optimization during the summer peak season [7]

Core Viewpoint - 2024 is a challenging year for Chongqing Beer, experiencing its first decline in both revenue and net profit since 2015 due to extreme weather and adverse external conditions [1][2]. Financial Performance - Revenue for 2024 is approximately 14.645 billion yuan, a year-on-year decrease of 1.15% - Net profit attributable to shareholders is about 1.115 billion yuan, down 16.61% compared to the previous year [2]. Market Dynamics - The decline in local brand sales is attributed to pressure on the dining channel, prompting the company to shift focus towards non-on-premise channels [5][11]. - Local brand revenue is nearly 8.9 billion yuan, down over 3%, while international brand revenue is around 5.3 billion yuan, showing a slight increase [12]. Strategic Adjustments - The company plans to enhance its product offerings in non-on-premise channels, including high-end products and canned packaging [5][17]. - In 2025, marketing expenditures will be adjusted to favor more attractive non-on-premise channels [18][20]. Production Capacity and Innovation - The Carlsberg Foshan factory, a global flagship brewery, has an annual production capacity of 500,000 kiloliters and is recognized for its advanced manufacturing and sustainability practices [10][11]. - The company has introduced new products and packaging, particularly for local brands, to meet diverse consumer needs [16]. Inventory Management - The company completed its inventory reduction efforts by the end of last year, positioning itself for a healthier market presence in 2024 [6][16].

Core Viewpoint - Chongqing Brewery is experiencing growth in its high-end beer products, and the trend of premiumization in the beer industry is expected to continue, driven by innovation and fragmented consumer demands [1][2]. Group 1: Financial Performance - In Q1 2025, Chongqing Brewery achieved beer sales of 883,500 kiloliters, a year-on-year increase of 1.93% [1]. - The company reported operating revenue of 4.355 billion yuan, up 1.46% year-on-year [1]. - Net profit reached 473 million yuan, reflecting a year-on-year growth of 4.59% [1]. - The adjusted net profit was 467 million yuan, with a year-on-year increase of 4.74% [1]. Group 2: Product Innovation and Brand Strategy - Chongqing Brewery has a diverse brand portfolio that includes both local and international brands, with local brands accounting for 70% of national sales [1]. - The company is accelerating product innovation, launching multiple new products and packaging to meet diverse consumer needs [1]. - Innovations are focused on two areas: within beer (concepts, trends, flavors, packaging) and outside beer (beverage product innovations) [1]. Group 3: Market Opportunities - The beer industry still presents opportunities in instant retail channels, and Chongqing Brewery is deepening its collaborations in this area [1]. - Although the company has ventured into beverage products, the primary focus remains on beer, with non-beer products currently in a developmental stage [2].

投资要点 重庆啤酒(600132) 报告日期：2025 年 05 月 04 日 Q1 业绩略超预期，吨成本改善亮眼 ——重庆啤酒 25Q1 业绩点评报告 ❑ 事件：公司 25Q1 年实现收入 43.55 亿元，同比+1.46%；实现归母净利润 4.73 亿元，同比+4.59%；实现扣非归母净利润 4.67 亿元，同比+4.74%。25Q1 收入 符合预期，业绩略超预期。 ❑ 25Q1 销量恢复增长，产品结构保持平稳 25Q1 公司啤酒业务实现营业收入 43.55 亿元（同比+1.46%），销量为 88.35 万吨 （同比+1.93%），吨价为 4804 元（同比-0.34%）。 分产品来看，25Q1 高档啤酒收入 26.03 亿元(同比+1.21%)、占比下降 0.23pct 至 61.33%；主流啤酒营收 15.50 亿元(同比+1.99%)、占比提升 0.71pct 至 36.52%； 经济档啤酒营收 0.91 亿元（同比+6.09%）、占比提升 0.09pct 至 2.14%。 我们预计 25Q1 产品结构表现延续 24 年趋势，预计嘉士伯、大理、风花雪月、 乐堡等表现较优，乌苏、重庆略有承压。 ❑ 区 ...

同时，国家统计局及行业协会的数据显示，2024年国内规模以上企业累计的啤酒产量同比下降0.6%，啤酒行业营业收入大幅减少5.7%，成为食品饮料行 业中唯一收入下滑的品类。 啤酒作为大众酒饮消费的重要组成，消费需求、产业模式的变化直接作用于上市公司的业绩。 这场变局背后，既反映了啤酒高端风向的演变，也揭示了存量竞争时代企业效率优化与消费场景重构的行业新逻辑。当行业整体进入低速增长甚至负增长 阶段，啤酒企业纷纷通过成本优化、渠道变革和产品及营销创新寻找新的增长极。 █ 高端调整、增长分化、龙头承压 我国啤酒市场呈现出明显的寡头垄断特征。 勤策消费研究报告显示，2023年华润啤酒、青岛啤酒、百威亚太、燕京啤酒、重庆啤酒及珠江啤酒的市场销量占比分别为30.1%、21.6%、18.3%、 10.7%、8.1%和3.8%，行业CR6销量（前六大企业的市场占有率）达92.6%。 而我国啤酒产量自2013年到达巅峰后，多年来持续呈下滑趋势，啤酒整体消费市场处于收缩状态，这也将直接作用于头部企业的业绩表现。 根据2024年年报，国内啤酒行业正呈现出显著的分化趋势，主要表现为龙头企业与区域品牌的增长分化。 文丨何芙蓉 2024年 ...

事件：公司发布 2025年一季报，25Q1实现收入43.6亿元，同比+1.5%，实现归母净利润4.7亿元，同比 +4.6%，实现扣非归母净利润4.7亿元，同比+4.7%。 Q1销量增速稳健，吨价略有承压。量方面，25Q1公司实现销量88.4 万吨，同比增长1.9%；在去年同期 存在高基数的情况下，公司Q1销量仍实现稳健增长。 分价格带看， 25Q1 公司高档/ 主流/ 经济档次啤酒收入增速分别为+1.2%/+2%/+6.1%；受餐饮渠道恢复 较慢及居民消费力下滑等因素影响，高档啤酒增速相对较慢。价方面，受产品结构变动影响，25Q1 公 司吨价同比分别-0.3%至4804 元/吨水平。分区域看，25Q1 西北区/中区/南区收入增速分别为 +1.6%/+1.5%/+1.8%，各区域均维持稳健增长态势。 结构升级持续推进，25 年盈利水平有望持续修复。产品方面，随着居民消费力的持续复苏，疆外乌苏 及1664 等高端单品有望实现恢复性增长；公司还将持续推进乐堡与重庆品牌的全国化扩张与内部结构 升级，其中重庆品牌将逐步借助全国范围内的火锅渠道走向更多区域，两大腰部品牌放量将为公司量价 提升提供充实保障；以嘉士伯、风花雪 ...

证券研究报告·公司点评报告·食品饮料 重庆啤酒（600132） 2025 年一季报点评：销量恢复增长，盈利保 持稳健 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,815 | 14,645 | 14,844 | 15,085 | 15,340 | | 同比（%） | 5.53 | (1.15) | 1.36 | 1.63 | 1.69 | | 归母净利润（百万元） | 1,337 | 1,115 | 1,266 | 1,310 | 1,345 | | 同比（%） | 5.78 | (16.61) | 13.59 | 3.50 | 2.67 | | EPS-最新摊薄（元/股） | 2.76 | 2.30 | 2.62 | 2.71 | 2.78 | | P/E（现价&最新摊薄） | 20.53 | 24.62 | 21.67 | 20.94 | 20.39 | [Table_Tag] [Table_Summ ...